W, G, & L to refinance $6 million in bonds - WALB.com, Albany News, Weather, Sports

W, G, & L to refinance $6 million in bonds

October 18, 2005

Albany- City commissioners agreed to allow W,G, & L to refinance more than $6 million in bonds for their water treatment plant. Instead of paying 5.38% interest, they'll pay 3.97%. That's an estimated savings of $555,000 over the next 20 years.

"You never know what the market is going to hold for energy, but at last maybe it will keep rates down to what they are at their current levels and prevent increases, or at least not as high of increases," says ward five commissioner Bob Langstaff.

The interest rate will go into effect on October 25th. Investment bankers say refinancing the bonds will reduce the amount of the checks W,G, & L will have to pay to the bank each month.

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